Destin, FL – May 27, 2010 – David A. Owen, 51, has been penalized $1.4 million by the U.S. Commodity Futures Trading Commission (CFTC) for running a fraudulent commodity pool operation known as Oasis Futures. The civil monetary penalty was outlined in a consent order entered by U.S. District Court Judge M. Casey Rodgers of the Northern District of Florida.
Owen already paid approximately $1.7 million in restitution related to a concurrent criminal case and is now permanently banned from engaging in certain commodity-related activities, including trading through registered entities. The CFTC’s complaint, initially filed on October 30, 2009, detailed how Owen fraudulently solicited at least $2.5 million from investors.
According to the order, Owen lost over $1.6 million trading commodity futures but concealed these losses by issuing false statements to investors. He falsely presented himself as a certified public accountant, tax attorney, and financial advisor, boasting a successful track record in commodity futures trading – claims that were demonstrably false. Owen also misrepresented the inherent risks involved and fabricated account statements to show fictitious profits.
Investigators found Owen pressured potential investors by claiming they would miss a significant market opportunity if they didn’t participate in his pools. He also failed to disclose his previous fraud convictions. The scheme unraveled as Owen’s trading losses mounted and his deceptive practices were exposed.
In a parallel criminal action prosecuted by the U.S. Attorney’s Office for the Northern District of Florida-Pensacola Division, Owen pled guilty to multiple counts of commodities fraud, wire fraud, and failure to file tax returns. He was subsequently sentenced to a 60-month term in federal prison.
The CFTC acknowledged the assistance provided by the United States Attorney’s Office and the Internal Revenue Service in bringing this case to resolution.
Source: CFTC.gov
Related Federal Cases
- David Young, Procurement Fraud Scheme, Hernando Beach FL, 2023 · Washington
- Orlando Pascual Jr., HIV Treatment Medicare Fraud, Miami FL, 2023 · Mississippi
- Juan A. Tony Marrero, Medicare Fraud Scheme, Miami FL, 2023 · Texas
- Juan A. Tony Marrero, Medicare Fraud Scheme, Miami FL, 2024 · Florida
- Alton Plunkett, Tax Fraud, New York NY, 2023 · New York
MORE FEDERAL CRIME NEWS
US NewsUS NewsUS NewsUS News